Brent tops $92 as US-Iran strikes and tanker reroutes rattle oil
Why it matters: Saudi crude tankers turned back in the Red Sea, raising shipping costs as US gasoline hit $4.06 and diesel jumped to $5.13.
Oil prices rose further Wednesday as the US-Iran conflict disrupted key shipping routes and deepened fears of supply losses. Brent crude gained 1.1% to $92.01 a barrel, while US West Texas Intermediate added 1% to $85.16 after settling at a five-week high a day earlier. The latest move followed an 11th straight night of US strikes on Iranian military targets and Iranian attacks on US facilities in Bahrain, Kuwait and Jordan. In the Red Sea, three Saudi crude tankers bound for China and India turned back after warnings from Yemen's Houthi militia. The market impact is already reaching consumers: AAA put the US average gasoline price at $4.06 a gallon, and the Energy Information Administration's diesel benchmark climbed to $5.13.